A Europol report clears off Bitcoin and similar assets off the charges of terror funding, whilst enlisting the contribution of cryptocurrencies to online crime. The report states that digital tokens were not used to fund any of the recent terror attacks in Europe.
The Intenet Organized Threat Assessment 2018 is a 72-page long study that thoroughly covers various modules of online crime including ransomware attacks, hacks, child pornography. Cryptocurrencies such as Bitcoin are covered in 18 pages, where their alleged and confirmed use in several illegal operations online, including terrorism is discussed in detail.
There have been instances in the past where terrorist groups including Akhbar al- Muslimin, Dawaalhaq Islamic News Agency, Isdarat, have called for Bitcoin donations. However, the crypto funds were used to finance their online infrastructure and to purchase hosting servers. Though in one particular scenario, the funds were used by Sadaqah, an English-language social media campaign, which targeted Muslims in the west to recruit them as fighters for the ongoing war in Syria.
The report reads:
“Yet despite the clear potential, none of the attacks carried out on European soil appear to have been funded via cryptocurrencies. The use of cryptocurrencies by terrorist groups has only involved low-level transactions – their main funding still stems from conventional banking and money remittance services.”
Contradicting the popular notion that suggests Bitcoin’s is used in mainstream terrorist activities, it seems the Jihadist networks were simply experimenting with cryptocurrencies. No direct evidence was discovered that convicts BTC or any other cryptocurrency to be involved in terror funding.
While Bitcoin manages to duck the Terror funding charges, it is still accused of being involved in Cybercrime; and according to Europol report, rightly so. In fact, the biggest cryptocurrency is also the most commonly used currency in cybercrimes, ranging from the commission, perpetration to monetization of cybercrime.
The report suggests:
“While the criminal abuse of cryptocurrencies remains largely within the realm of cybercrime, some Member States reported that they are increasingly encountering their use by non-cyber [organized crime groups].”
Read more: India Requires To Inspect The Use of Cryptocurrencies For Terror Funding
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